RBA increases the cash rate for the eighth consecutive month, putting a strain on Wagga families

"It's annoying, we're sick of it," said Ms Kirkaldy. "There's just less money to spend on everything else."

The Wagga couple recently built their first house and have been "hammered" by eight successive cash rate rises this year. The RBA increased the cash rate target by 25 basis points to 3.10 per cent.

Mr Cheney said the increases have cost them hundreds of dollars over recent months and as Ms Kirkaldy is currently on maternity leave, yesterday's news makes a "massive impact".

"It's hard because you think at the moment you're set up to get in to the housing game and as the world goes that little bit crazier and you've taken that leap you're getting pumped and pumped," said Mr Cheney.

The pair say they feel lucky as they have savings and Mr Cheney owns his own business, but they do fear the rates rises will continue into 2023.

Charles Sturt University economics professor John Hicks said the raise in cash rate is an acknowledgement that the RBA haven't got inflation under control as yet.

"With hindsight even the reserve bank would admit they brought the cash rate down too low and that's left us with an overhang of demand in the economy," he said.

"It was necessary to increase demand ... as a result of the initial impact of COVID. However, other factors have come into play including cost increase."

He agrees that more increases are likely to be on the way in 2023.

Turvey Park's Brenton Pitman has been a homeowner for four years and he and his wife have been hit with a $130 a week increase on their mortgage.

They're feeling the strain and Mr Pitman said if the rises continue he'll have to pick up a second job.

"My wife was on maternity leave, so while she was taking maternity leave on half pay we've been down on income at the same time as everything has gone up," he said.

"We're hopeful the peak of it might not be too far away ... If it keeps going one of us might have to pick up some extra work of some sort, I've considered picking up extra work on weekends."

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